John Wiley & Sons Inc. (NYSE: JWA), a leading global digital and print publisher of essential scholarly journals, higher education teaching materials, interactive learning tools, books, and services and solutions in research, professional development, and education, has signed a 15-year lease for 386,407 square feet of office space at 111 River Street in Hoboken, in a transaction brokered by Savills Studley, the leading global commercial real estate services firm specializing in tenant representation.
The 550,000 square foot office building offers world-class office space and ground level retail. The new lease, originally set to expire in 2017, now extends until March 2033. Savills Studley’s Executive Vice President David J. Goldstein, Chairman and CEO Mitchell S. Steir, Executive Vice President Matthew P. Barlow, Senior Managing Director Daniel M. Foley, and Senior Managing Director Jason Perla represented the tenant in the long-term transaction, while David Hollander, Greg Tosko and Nick Hilton of CBRE represented the landlord, a subsidiary of Equity Commonwealth.
Leading the transaction and reflecting on its importance, Mr. Goldstein observed, “111 River Street is one of New Jersey Waterfront’s most visible and accessible addresses with dramatic views of Lower Manhattan, the Hudson River and the New York Harbor. This transaction reaffirms the strength of Hoboken’s office market, as well as Wiley’s commitment to the dynamic city of Hoboken and the state of New Jersey.”
As one of the early pioneers to the city’s waterfront office market, Wiley relocated its corporate headquarters from 605 Third Avenue in Manhattan to 111 River Street in July 2002. According to Mr. Barlow, following an extensive search throughout New York City and New Jersey, the company believed that maintaining their offices in Hoboken will best enable them to continue to provide best in-class services to their customers and partners. “This commitment reflects Wiley’s confidence in the Northern New Jersey market and its future as a hub for business, residents, and visitors alike,” he said.
Mr. Foley added that flexible lease terms, as well as unparalleled access to transportation, including direct access to the PATH, NJ Transit and ferries, helped solidify the decision. “Our team at Savills Studley successfully negotiated expansion and contraction rights at competitive lease rates to accommodate Wiley’s projected growth over the next 15 years,” he said.
Founded in 1807, Wiley develops and markets products and solutions to a diverse customer base that includes researchers, professionals, students, and educators. With approximately 5,500 employees worldwide, Wiley has nearly 70 facilities in 28 countries in Europe, Asia, Middle East and Africa, as well as Canada, Brazil and Australia, and customers in 211 countries and territories.